#MarketPullback Trade-policy whipsaw – U.S. equities briefly rallied when a federal court struck down Trump’s tariffs, only to see that relief evaporate as an appeals court reinstated them. That back-and-forth has injected fresh volatility into tech- and export-sensitive names especially .

• Valuations under pressure – After May’s “melt-up,” pricey stock valuations and muted hedge-demand leave the S&P 500 vulnerable to a short-term pullback as investors take profits and await clearer policy signals .